Academic journal article ABA Banking Journal

Image Archive to Ease Paper Use?

Academic journal article ABA Banking Journal

Image Archive to Ease Paper Use?

Article excerpt

Hoping to wean the nation's dependency on paper checks and reduce their own operating costs, Bank of America, The Chase Manhattan Bank, and IBM recently founded an imaging service bureau called Viewpointe Archive Services.

Viewpointe is based on technology developed by Chase and will seek to aid big banks involved in check processing, clearing, and settlement.

The goal is to sign 50 of the top banks over the next year, and the lure is an estimated 30% reduction in check handling costs. While ViewPointe will focus initially on retrieval of such items as checks and account statements for the customers of its banking clients, the new company's intention is to provide an easy-to-access repository for alt items created during banking transactions.

Viewpointe will support an open environment, executives say. To get started, member banks will be given equipment to capture digital images of checks as they are being processed and cleared, transmitting them to one of two facilities managed by IBM.

Although the idea is to encourage truncation as part of the process, it is not a requirement. …

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